Consumer Credit Agreements

At Essex Law, we specialise in drafting Consumer Credit Agreements and supporting pre-contract documentation for some of the top alternative lenders across the UK. With more than 15 years of experience, we ensure that all agreements comply with UK financial regulations.

What are Consumer Credit Agreements?

A Consumer Credit Agreement is a legally binding contract between a lender and a borrower, outlining the terms and conditions of a credit arrangement. This agreement details the amount of credit provided, repayment schedule, interest rates, fees, and any other relevant conditions. At Essex Law, we specialise in drafting clear, transparent agreements that align with UK regulations to protect both lenders and borrowers.

Consumer Credit Agreements We Offer:

We help lenders draft legal Consumer Credit Agreements that comply with current UK legislation and the FCA (Financial Conduct Authority) Regulations and Guidance, with clear loan terms and protection against disputes to ensure you are providing full transparency for borrowers.

At Essex Law, we can help with:

• Loan Agreements for online and offline retailers, HCSTC Lenders, Instalment Lenders, Motor Finance Lenders (including Bill of Sale), and Hire Purchase.
• PCCI (Pre-Contract Credit Information)
• Adequate Explanations
• Statutory Notices, including Arrears Notices and Default Notices

What Are The Common Types of Consumer Credit Agreements?

While each lender may have unique requirements, the most common types of consumer credit agreements businesses may offer include:

• Loan Agreements: This can be either a personal loan, instalment credit or any loan with a fixed repayment schedule.
• Revolving Credit Agreements: These are increasingly becoming more common and operate like a credit card and overdrafts with flexible repayment and a set credit limit.
• Hire Purchase Agreements: Often used for car financing where the consumer can make fixed payments over an agreed period at a fixed rate where ownership transfers after the last payment.
• Conditional Sale Agreements: Similar to hire purchase agreements except that ownership is automatically transferred after conditions have been met i.e. all payments have been made.
• High-Cost Short-Term Credit Agreements (HCSTC): These are short-term loans, that have high interest over a shorter loan term.

Our expert team will ensure each agreement is tailored to meet your business needs while adhering to legal and regulatory requirements.

Please contact us for further details and check out our fees page in relation to costs.